NEW YORK, July 11, 2023 /PRNewswire/ — Mark D. Podgainy, Managing Director and Leader of the Commercial Real Estate and Hospitality Practice Leader for Getzler Henrich & Associates LLC, one of the nation’s oldest and respected middle-market corporate restructuring and operations improvement firms, was featured as a guest expert in Bloomberg’s The Brink “One Question.”
Answering the question, “How do you see the real estate crisis panning out?” Mr. Podgainy explained, “I view the real estate crisis as the product of two issues that I don’t see going away any time soon – higher interest rates and a secular shift in office demand due to work from home trends.”
Mr. Podgainy continued, “Office properties with debt maturities in the next two years will have a very difficult time obtaining serviceable financing or a sale price covering their debt, and conversions will be difficult or impractical. Therefore owners, particularly those without substantive equity capital, may first seek to stall an inevitable sale of their assets through litigation, bridge loans, equity partners, short term extensions, bankruptcy, etc. “
“However, I ultimately foresee sales at significant discounts and losses realized. The timing and scope of these losses could bring down some more banks. Counterparties may have more patience for properties in other asset classes as they aren’t hit by the secular WFH trend, but there will be discounts to value there as well.” Mr. Podgainy concluded.
As the leader of Getzler Henrich’s Commercial Real Estate and Hospitality practice, Mr. Podgainy advises owners, sponsors, and their creditor constituents in a variety of asset classes, including hotel, multifamily, office, and industrial, among others. He has extensive experience guiding clients through complicated and contentious workout and restructuring processes, both in court and out of court, and throughout the country.
He has more than 25 years of experience in operational roles and turnaround consulting in a variety of industries. His expertise includes operations restructuring, business plan analysis, performance improvement, cash and vendor management, bankruptcy consulting, and interim management services. His clients include companies, secured lenders, boards of directors, and creditors’ committees, and he also works with law firms on forensic, litigation support, and expert witness assignments.
ABOUT GETZLER HENRICH & ASSOCIATES LLC: Getzler Henrich & Associates LLC, a Hilco Global Company (www.hilcoglobal.com), is one of the nation’s oldest and most respected names in middle-market corporate restructuring and operations improvement and has successfully worked with thousands of companies to achieve growth and profitability. Working with a wide range of companies, including publicly held firms, private corporations, and family-owned businesses, Getzler Henrich’s expertise spans more than fifty industry sectors, from “new economy” technology and service firms to “old economy” manufacturing and distribution businesses. For more information on Getzler Henrich’s expertise, please visit: getzlerhenrich.com.
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SOURCE Getzler Henrich & Associates
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